The LBI Real Estate Market is Competitive, but Not Impossible in the current climate. While it is true that the already busy sales market was driven much higher as a result of Coronavirus, there are still many opportunities for buyers to find a deal. Buyers are facing a low inventory environment and while homes are selling quickly, with multiple offers and, in some cases, over full price, there are a few steps buyers can take to prepare themselves. Among these are:
In the last few years, we have seen a surge in the number of pools being installed on Long Beach Island, the most common of which are fiberglass pools. The presence or absence of a pool on a property can have a meaningful impact of the value of a home in the LBI real estate market. Since a fiberglass pool is so common, any potential buyer and seller should understand the pros and cons of having a fiberglass pool in the LBI real estate market.
361 N 9th Street offers an updated, turn-key duplex just a few houses from the bay in Surf City! This well cared for home has two separate apartments. The first floor has 2 bedrooms, 1 bathroom and a large living room, kitchen and dining area. The second floor has 1 bedroom, 1 bathroom and an open floor plan with an additional sleeping area. The current owner has performed several recent updates including landscaping, fresh paint, newer flooring, and updated kitchens. The large lot and outstanding location would make an ideal spot for a new home either now or in the future. 361 N 9th is the chance you have been waiting to purchase a summer home, year-round residence, rental investment or building opportunity!
LBI Real Estate Weekly Sales Update 02/21/2021-02/28/2021: There were a total 74 changes to the Long Beach Island real estate market this week. In the pre-COVID market, this would have been a rather slow week however in the current market, this is a normal amount of activity thanks to the low levels of inventory. To help understand the dynamics of the LBI real estate market for buyers, sellers and investors I publish a weekly sales update for the Long Beach Island real estate market in addition to my monthly analysis of home sales. You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame. To give a quick summary:
10 new listings entered the market with an average price of $1,549,540
25 listings went under contract with an average listing price of about $1,192,624
LBI Real Estate Days on Market March 2020-February 2021. Since the Coronavirus pandemic began about one year ago, the Long Beach Island real estate market has undergone a remarkable transition. We have seen a roughly 30% increase in prices and inventory levels are at an all-time low. While competition is stiff, there are still buying opportunities in the LBI real estate market if you understand what determines the value of a home and remain patient and disciplined. To remain competitive, all buyers should understand the trends they are facing and one of these trends is the amount of time a home spends on the market for sale. A look at LBI Real Estate Days on Market March 2020-February 2021 can help shed some light on these trends.
Over the past year, the amount of time a home spent on the market has dropped by half
Currently, homes spend an average of less than 80 days on the market
The number of sales each month has fallen, but this has to do with a lack of inventory
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
LBI Real Estate Weekly Sales Update 02/14/2021-02/21/2021: There were a total 76 changes to the Long Beach Island real estate market this week. The market continues to experience a shortage of inventory, but demand remains very high. Buyers seem to have a lot of confidence in the LBI real estate sales market. To help understand the dynamics of the market for buyers, sellers and investors I publish a weekly sales update for the Long Beach Island real estate market in addition to my monthly analysis of home sales. You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame. To give a quick summary:
14 new listings entered the market with an average price of $1,610,764
39 listings went under contract with an average listing price of about $1,327,328